Markdown loader failing with react-hot-loader?

gulpfile.js

gulp.task('hotreload', function() {
 require('./hotLoadServer');
});

hotLoadServer.js

'use strict';

var webpack = require('webpack');
var WebpackDevServer = require('webpack-dev-server');
var config = require('./webpack.config');

var host = process.env.HOT_LOAD_HOST || 'localhost';
var port = process.env.HOT_LOAD_PORT || 8888;

new WebpackDevServer(webpack(config), {
  contentBase: `http://${host}:8888`,
  publicPath: config.output.publicPath,
  hot: true,
}).listen(port, host, function(err) {
  if (err) {
    console.log(err);
  }
  console.log(`Hotloader listening at ${host}:${port}`);
});

webpack.config.js

import webpack from 'webpack';

const host = process.env.HOT_LOAD_HOST || 'localhost';
const port = process.env.HOT_LOAD_PORT || 8888;

module.exports = {
  // devtool: 'eval',

  cache: true,
  progress: true,
  colors: true,
  watch: true,

  entry: [
    `webpack-dev-server/client?http://${host}:${port}`,
    'webpack/hot/only-dev-server',
    './src/bootstrapper.js'
  ],

  output: {
    filename: 'bundle.js',
    path: __dirname + '/dist',
    publicPath: `http://${host}:${port}/dist/`
  },

  plugins: [
    new webpack.HotModuleReplacementPlugin(),
    new webpack.NoErrorsPlugin()
  ],

  resolve: {
    extensions: ['', '.js', '.jsx', '.json'],
    modulesDirectories: ['node_modules']
  },

  module: {

    loaders: [

      {
        test: /\.(js|jsx)$/,
        loaders: ["react-hot", "6to5-loader"],
        exclude: /node_modules/,
      }, {
        test: /\.json$/,
        loader: "json-loader"
      }, {
        test: /react-googlemaps/,
        loader: "6to5-loader"
      },
      {
        test: /\.md$/,
        loader: "html!markdown"
      }

    ],

  },

  externals: {
    'jquery': {}
  }
  
};